PYMNTS

JULY 16, 2019

Sources have revealed that Venezuela might use a Russian-operated international payments messaging system in an effort to get around U.S.

SWIFT 55

SWIFT OFAC Central Bank Treasury 55

PYMNTS

OCTOBER 7, 2019

First Investment Bank ( Fibank ) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release. There are other advantages as well, with real-time traceability through the identifying technology in the payment message.

SWIFT 43

SWIFT International Payments Correspondent Payment Message 43

PYMNTS

DECEMBER 13, 2018

Separately, SWIFT said this past week that it has launched a pilot program that focuses on an integrated gpi payments service that quickly identifies and eliminates payment message errors. The broader initiative will use AI (among other technologies) to boost predictability of international payments.

SWIFT 53

SWIFT Payment APIs and Integration Interbank Settlement Faster Payments 53

The Fintech Times

FEBRUARY 21, 2024

Practical improvements await Rachel Levi, global head of innovation engineering, SWIFT Rachel Levi , global head of innovation engineering, Swift , the cross-border payments provider, notes how the company and ecosystem are working to make practical improvements to international payment speed.

Cross-Border Payments 78

Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

PYMNTS

JANUARY 17, 2017

Dubbed the Faster Payments Standards Library, the resource is a free, HTML-based standard model to ease friction in the shift towards the ISO 20022 payments messaging standard, which Faster Payments and other payment schemes across the globe have agreed is critical to global adoption of real-time, international payment capabilities.

Faster Payments 43

Faster Payments ISO 8583 ISO 20022 Message Standards 43

PYMNTS

AUGUST 16, 2019

Financial institutions are facing increased pressure to make cross-border payments fast and seamless as consumers grow used to instant P2P payments and such products in other sectors. Recent American Express research found that greater transparency is one of the top priorities for firms that regularly make international payments.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

PYMNTS

MARCH 28, 2016

and fees associated with payments using CIPS are unclear. This makes China’s international payments play a bit unconvincing to some. But payments messaging service SWIFT has been brought on by China to help strengthen CIPS’ capabilities. China International Payment Service Corp.

SWIFT 40

SWIFT Cross-Border Cross-Border Payments Payments 40

The Paypers

FEBRUARY 16, 2018

(The Paypers) Unknown hackers have stolen USD 6 million from a Russian bank in 2017 in an attack using the SWIFT international payments messaging system.

SWIFT 28

SWIFT Payment Message International Payments Payments 28

The Paypers

FEBRUARY 16, 2018

(The Paypers) Unknown hackers have stolen USD 6 million from a Russian bank in 2017 in an attack using the SWIFT international payments messaging system.

SWIFT 28

SWIFT Payment Message International Payments Payments 28

Fintech News

DECEMBER 10, 2023

This approach is not limited to domestic payments but is especially relevant to international transactions, which often involve a complex web of correspondent banks. The challenge in international payments primarily revolves around ensuring data accuracy at every step of the payment chain.

Addressing 120

Addressing Fraud Prevention Financial Inclusion Payments 120

PYMNTS

MAY 29, 2019

Recently, several FIs went to work to link businesses with the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme for faster international payments in Europe.

ISO 20022 55

ISO 20022 Liquidity Management Real Time Payments Faster Payments 55

PYMNTS

AUGUST 21, 2020

In addition to open banking initiatives, efforts from both the private and public sector to improve existing payment rails, develop new ones and promote payments messaging standardization (though standards like ISO 20022) have also heightened the FinServ industry’s focus on combatting cross-border payments friction.

Multi-Currency 69

Multi-Currency Cross-Border Payments Cross-Border Finance 69

PYMNTS

AUGUST 15, 2019

More precise payment information could also facilitate quick, straight-through processing. . Better data can help prevent international payment delays or failures caused by “unstructured and ambiguous” data, as well. Federal Reserve and TCH, Europe’s Eurosystem and EBA CLEARING and the U.K.’s

ISO 20022 58

ISO 20022 ISOs Interoperability Message Standards 58

PYMNTS

DECEMBER 4, 2018

The payment messaging entity SWIFT this past week began implementing its SWIFTNet Instant service that is tied to the Eurosystem’s TARGET Instant Payment Settlement service. The service, as has been reported, lets customers make instant payments from inside the Single Euro Payments Area (also known as SEPA ).

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

APRIL 23, 2018

The bank is using SWIFT’s gpi service , and is also reportedly in discussions with the payments messaging company to join a consortium to develop a real-time payments solution for cross-border transactions in the Asia Pacific region.

Real Time Payments 46

Real Time Payments Cross-Border Payments Cross-Border SWIFT 46

PYMNTS

AUGUST 9, 2018

Payments infrastructure news tends to be global in scope, as firms and stakeholders eye efficiency and speed in transacting in new and existing markets far-flung in nature. The relationship brings more than 60 payment methods spanning 200 countries to Flow’s platform.

Cross-Border 40

Cross-Border SWIFT Blockchain Cross-Border Payments 40

PYMNTS

SEPTEMBER 24, 2019

This week, SWIFT picks the latter, while JPMorgan Chase grows its initiative using blockchain to make cross-border transactions, and Form3 announces a new international payment services that connects banks with global small business payments capabilities via application programming interface (API).

SWIFT 73

SWIFT Cross-Border Payment APIs and Integration Cross-Border Payments 73

PYMNTS

JUNE 13, 2018

This week, reports in the Financial Times highlighted the competitive pressure between SWIFT and Ripple as the two companies rival for the top spot in the cross-border payments market. SWIFT, a payments messaging company, has introduced its Global Payments Innovation (GPI) initiative to boost innovation in global payments.

Blockchain 44

Blockchain Distributed Ledger Technology (DLT) SWIFT Cross-Border Payments 44

PYMNTS

SEPTEMBER 30, 2019

President Nicolas Maduro said in a televised press conference that the government will be using cryptos as a “method for free national and international payments.”. There’s other formulas to pay, and it’s what we’re using because our payment system works perfectly in China and Russia.”.

Central Bank 64

Central Bank Cryptocurrency Digital Currency International Payments 64

The Payments Association

APRIL 14, 2025

Related links: Financial promotion rules for cryptoassets Financial promotions data 2024 Top regulatory priorities for the payments sector Mandatory adoption of ISO 20022 for cross-border payments (final preparations Q2) The transition to ISO 20022 for cross-border payments is a fundamental shift in global financial messaging standards.

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Regulations ISO 20022 Cross-Border Legal 88